South Korea’s Samsung Electronics Co. has named outside director and former finance minister Bahk Jae-wan its board chairman, marking the first time for the tech behemoth to sit an independent director on the top position of the managing board.

The company announced Friday that its board of directors agreed to appoint Bahk, an outside director, as the new chairman of the board as part of its ongoing efforts to enhance independency and transparency as well as to strengthen responsible management. It split the roles of board chairman and company’s chief executive officer in March 2018 to boost transparency.

Bahk, who served as the finance minister under the former Lee Myung-bak administration, has sat on the board of Samsung Electronics since March 2016. He will be in charge of setting agenda, chairing board meetings and serving as a mediator of directors.

The board also decided to nominate Han Jong-hee, head of its visual display division, and Choi Yoon-ho, chief financial officer, as internal board members.

The company expected Han to act as a bridge between the management and the board, and Choi to support and check financial activities of the company.

Their appointment will be finalized at the upcoming shareholders’ meeting slated for Mar.18.

By Pulse

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